Barclays Tech Conference - Day 1 Recap
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Price: $163.30 -0.2%
Rating Summary:
29 Buy, 21 Hold, 4 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
29 Buy, 21 Hold, 4 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Barclays Tech Conference - Day 1 Recap
Analyst, C.J. Muse, said, "We reiterate our positive view on semis and look for shares to continue to grind higher into year end with our top picks in semis remaining QUALCOMM (Nasdaq: QCOM), Intel (Nasdaq: INTC), Alterra (Nasdaq: ALTR), Skyworks Solutions (Nasdaq: SWKS), Avago (Nasdaq: AVGO), Atmel (Nasdaq: ATML) and Lam Research (Nasdaq: LRCX), and Teradyne (NYSE: TER) in semi equipment. Yesterday, we hosted presentations from leading semiconductor/SPE companies including in PCs (INTC, AMD (NYSE: AMD), NVIDIA (Nasdaq: NVDA)), Communications (QCOM, RF Micro (Nasdaq: RFMD), TriQuint (Nasdaq: TQNT), ATML, Cavium (Nasdaq: CAVM), LSI (NYSE: LSI), Silicon Labs (Nasdaq: SLAB)), Analog (Analog Devices (Nasdaq: ADI), NXP (Nasdaq: NXPI), AVGO, MagnaChip (NYSE: MX)), Memory (Micron (NYSE: MU)), and SPE (Applied Materials (Nasdaq: AMAT), Cymer (Nasdaq: CYMI), MKS Instruments (Nasdaq: MKSI), Advanced Energy (Nasdaq: AEIS))."
PCs - Focus was on Ultrabooks, Win8 and HDD shortages: While Intel did not comment on HDD impact, commentary by others in the PC food chain points to normalization of HDD supply in the C2Q timeframe (potentially impacting Q1 results, in our view). We heard positive commentary around Windows 8 as it pertains to driving a PC refresh cycle, with Ultrabooks well received by major PC OEMs - here we point to 760 design wins in 2012 for Intel.
"Communications - QCOM Leadership Very Apparent, RFMD Highlights Handset Softness: CY11 has been a strong growth year for QCOM, gaining share at several vendors including Nokia (NYSE: NOK), Apple (Nasdaq: AAPL), and RIM (Nasdaq: RIMM), with QCOM's superior positioning leaving it unperturbed by recent pre-announcements from HTC and RIM. Handset supply chain is soft as expected; RFMD highlighted incremental softness in China as Lunar New Year builds have failed to materialize, making Q4 more back-end loaded. Q1 potentially down seasonally 10-15% although visibility is low."
"Expect Analog to Continue to Catch Bid; We Focus on Relative Valuation - We Favor NXPI and AVGO: Analog names are suggesting that we have seen a bottom in orders (NXPI suggested 7 weeks of positive BTB; ADI expects pickup in Jan bookings) but have been largely hesitant to formally call a bottom as seasonal trends for 1Q12 remain unclear. We see 1 more cut for analog (consensus modeling +1% Q/Q vs. typical seasonality of -4%) but do believe this is mostly baked into shares. We focus attention on relative valuation and highlight NXPI and AVGO as our top picks here."
Analyst, C.J. Muse, said, "We reiterate our positive view on semis and look for shares to continue to grind higher into year end with our top picks in semis remaining QUALCOMM (Nasdaq: QCOM), Intel (Nasdaq: INTC), Alterra (Nasdaq: ALTR), Skyworks Solutions (Nasdaq: SWKS), Avago (Nasdaq: AVGO), Atmel (Nasdaq: ATML) and Lam Research (Nasdaq: LRCX), and Teradyne (NYSE: TER) in semi equipment. Yesterday, we hosted presentations from leading semiconductor/SPE companies including in PCs (INTC, AMD (NYSE: AMD), NVIDIA (Nasdaq: NVDA)), Communications (QCOM, RF Micro (Nasdaq: RFMD), TriQuint (Nasdaq: TQNT), ATML, Cavium (Nasdaq: CAVM), LSI (NYSE: LSI), Silicon Labs (Nasdaq: SLAB)), Analog (Analog Devices (Nasdaq: ADI), NXP (Nasdaq: NXPI), AVGO, MagnaChip (NYSE: MX)), Memory (Micron (NYSE: MU)), and SPE (Applied Materials (Nasdaq: AMAT), Cymer (Nasdaq: CYMI), MKS Instruments (Nasdaq: MKSI), Advanced Energy (Nasdaq: AEIS))."
PCs - Focus was on Ultrabooks, Win8 and HDD shortages: While Intel did not comment on HDD impact, commentary by others in the PC food chain points to normalization of HDD supply in the C2Q timeframe (potentially impacting Q1 results, in our view). We heard positive commentary around Windows 8 as it pertains to driving a PC refresh cycle, with Ultrabooks well received by major PC OEMs - here we point to 760 design wins in 2012 for Intel.
"Communications - QCOM Leadership Very Apparent, RFMD Highlights Handset Softness: CY11 has been a strong growth year for QCOM, gaining share at several vendors including Nokia (NYSE: NOK), Apple (Nasdaq: AAPL), and RIM (Nasdaq: RIMM), with QCOM's superior positioning leaving it unperturbed by recent pre-announcements from HTC and RIM. Handset supply chain is soft as expected; RFMD highlighted incremental softness in China as Lunar New Year builds have failed to materialize, making Q4 more back-end loaded. Q1 potentially down seasonally 10-15% although visibility is low."
"Expect Analog to Continue to Catch Bid; We Focus on Relative Valuation - We Favor NXPI and AVGO: Analog names are suggesting that we have seen a bottom in orders (NXPI suggested 7 weeks of positive BTB; ADI expects pickup in Jan bookings) but have been largely hesitant to formally call a bottom as seasonal trends for 1Q12 remain unclear. We see 1 more cut for analog (consensus modeling +1% Q/Q vs. typical seasonality of -4%) but do believe this is mostly baked into shares. We focus attention on relative valuation and highlight NXPI and AVGO as our top picks here."
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